Banking, IT stocks in declining mode

The BSE Bankex has dropped 2% to 4,006.

Axis Bank and Bank of Baroda have plunged over 5% each to Rs 324 and Rs 196, respectively. Bank of India has tumbled 4% to Rs 191.

Oriental Bank of Commerce and SBI have shed 3.5% each at Rs 99 and Rs 955, respectively. Punjab National Bank and IDBI Bank have slipped around 3% each to Rs 332 and Rs 44, respectively.

Kotak Bank, Indian Overseas Bank, Union Bank of India, Canara Bank, HDFC Bank and Federal Bank are the other major losers.

The BSE IT index has shed 1.7% at 2,162.

TCS has plunged nearly 4% to 500. Orcale Finacle has dropped nearly 3% to Rs 660.

Financial Technologies and Wipro have shed around 2.5% each at Rs 488 and Rs 223, respectively. Infosys is down 2% at Rs 1,262.

On the other hand, Rolta has zoomed 14% to Rs 52. Patni Computers has surged 6.7% to Rs 116, and NIIT has soared over 6% to Rs 18. Tech Mahindra has gained 3.5% at Rs 265.

Meanwhile, the Sensex has recovred marginally from the day's low of 8,819, and is now down 95 points at 8,849.